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AXA Insurance Announces Strategic Distribution Agreement with HSBC for Cargo Insurance Product

September 27, 2009 12:00 by Aarti Nagraj

AXA Insurance Announces Strategic Distribution Agreement with HSBC

for Cargo Insurance Product

 

AXA Insurance Gulf and HSBC Bank Middle East have entered into a strategic marketing and distribution agreement wherein AXA will provide cargo insurance to HSBC Bank customers.

 

Following this agreement HSBC will promote and distribute a cargo insurance product branded ‘Cargo Safe’, underwritten by AXA, to their customers at competitive terms. ‘Cargo Safe’ provides protection to HSBC customers based on AXA’s leading position and extensive experience in offering cargo insurance in the Middle East. ’Cargo Safe’ provides security and risk management to companies for their cargo movements globally. On top of that, with AXA’s worldwide network, online access and competitive pricing, HSBC will benefit from the  high quality cover, superior services, and unique risk management support that made from AXA a leader in cargo insurance in the Middle East.

 

This partnership will broaden HSBC’s product portfolio and will cover GCC countries, Lebanon and Jordan. Customers opting for ‘Cargo Safe’ cover will avail themselves of the worldwide network spanning 90 countries, expertise of AXA and HSBC’s customer relationship prowess, market penetration and local know-how.

 

Toby Sizeland, Chief Officer Corporate Solutions Marine & Large Risks said: “The need to offer enhanced services and scope of cover is essential for businesses in the region whose purchasing needs are becoming more sophisticated. Customers can reap benefits for their business through enhanced protection of their cargoes, improved administration, and increased competitiveness resulting in greater profitability.”

 

David Hunt, Head of Insurance for the Middle East, HSBC said, “In these challenging times, HSBC has demonstrated its strength and commitment to the trading community in the region by helping them secure finance, mitigate risks and grow their business. With this agreement, we will now be in a unique position to be a one-stop shop for our customers’ trade finance needs. Small and Medium business can specially benefit from the convenience and accessibility of this product through their local HSBC bank.”

 

Commenting on the tie-up Jean-Louis Laurent Josi, CEO-AXA Insurance Gulf said, “We are delighted to partner with such a prominent bank. Given HSBC and AXA’s global and local strengths and both companies’ commitment to provide the best quality of service for the customers, this was a natural choice for both parties. I am convinced the customers will benefit from the ease of having the opportunity to finance their trade business and cover the associated risks though one point of contact.”

 

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About AXA in the GCC:

With a workforce of over 650 employees, 12 offices region-wide, a customer base of 500,000 and a gross written premium of over US$ 430 million, AXA is the leading non-life international insurer in the Middle East offering a wide range of insurance products and services for corporate and individual customers.

 

 

 

 

About AXA group:

AXA group's operations are diverse geographically, with major operations in Europe, North America and the Asia/Pacific area with 67 million clients and 135,000 employees. For full year 2008, IFRS revenues amounted to Euro 91.2 billion and IFRS adjusted earnings to Euro 3.7 billion. AXA had Euro 981 billion in assets under management as of December 31, 2008. The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISIN FR0000120628 – Bloomberg:

 

CS FP – Reuters: AXAF.PA). The American Depository Share is also listed on the NYSE under the ticker symbol AXA.

 

 

HSBC Insurance:

HSBC Insurance provides policies in over 50 countries and territories to its personal, commercial, corporate, institutional and private banking customers. The diverse needs of its customers worldwide are recognised by HSBC Insurance and it offers products and services to suit them including: life assurance, general insurance, commercial risk and retirement provision.

 

Find out more at www.hsbc.com/insurance